Economy

Facebook will turn into the most important crypto company, Anthony Pompliano explains

Facebook will turn into the most important crypto company, Anthony Pompliano explains

Social media giant Facebook is reportedly looking to develop its own stablecoin for money transfers.

In a post to his Facebook page in January, Facebook CEO Mark Zuckerberg stated that every year he takes on a new personal challenge and so far has, "visited every USA state, run 365 miles, built an AI for my home, read 25 books, and learned Mandarin". "At a private dinner Facebook hosted during a recent crypto conference, one attendee told Cheddar that Facebook employees pitched the idea of creating a decentralized digital currency for the social network's 2 billion users".

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The initial focus of this effort would be the remittances market in India, the report says, and the cryptocurrency would be a stablecoin - a special type of cryptocoin which has its value pegged to some real world asset, such as the US dollar. WhatsApp has more than 200 million users in India, and the country leads the world in remittances.

Per Bloomberg, "people familiar with the matter" have confirmed that Facebook is "working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin" - and will focus initially "on the remittances market in India". Facebook's stablecoin will be rolled out first in India, the report says.

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Facebook may be getting into the cryptocurrency game. The Hoboken, New Jersey-based company said there was no apparent way around being classified as a security as opposed to a currency, which could significantly reduce the number of potential buyers. Other stablecoins are also available, but none of them are as well-known as Tether. A more widely known stablecoin, with each token reportedly back by one U.S. dollar. Facebook intends to allow the cryptocurrency, which remains unnamed, to be transferred directly through the WhatsApp client as a way to transact value globally. However, it was later stopped as the government had ruled that the company will not be able to launch WhatsApp Pay till it sets up an office and recruits a team in India.

'It wouldn't be surprising to see Facebook back their way into becoming a new-age bank for digital natives outside the United States.', Pompliano states.

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